|
#1
●
06-22-2011, 07:48 PM
| ||||||||
 My Rank: MAJOR Poster Rank:186 Join Date: Dec 2009 Posts: 8,081 Mentioned: 0 Post(s) Quoted: 42 Post(s)
| ||||||||
|
Man Sues Bank of America
Man Sues Bank of America, Wants To Send a Message Updated: Wednesday, 22 Jun 2011, 6:32 PM CDT Published : Wednesday, 22 Jun 2011, 6:32 PM CDT * ISIAH CAREY ISIAH CAREY Reporter HOUSTON - Owning a house was supposed to be the American Dream, but Long Nguyen says it has turned into a real American nightmare. "It was sad and then frustrating and I don't know what to say, it's unbelievable," Nguyen said. == The Original Plan … == Nguyen refinanced his Tomball home through Bank of America in 2001. "Previously we had a 30-year mortgage loan, but then we go to Bank of America and we refinance the house for the 15-year loan," he said. He was scheduled to pay $643 bi-monthly on his $130,000 loan to refinance, according to court documents. That would have paid off his house by 2016. To ensure there was no interruption in payments, he also signed up for Bank of America's automatic withdrawal service. The bank would take the money out of his account twice a month on the due date. == Goes Horribly Awry == Apparently, that did not happen. "What they did is they intentionally, whatever the reason, is they withdrew the money, the funds, from our checking account 2, 3, 4 days after the due date even though we have money in the account,” he said. Why is that important? Nguyen had a simple interest account: every time the money is not deducted on the due date, more of his payment goes to interest rather than principle. Court records show Bank of America’s alleged stunt cost Nguyen $9,000. That’s why he filed the lawsuit. "If the money was available and the terms said that the money should've been taken out of the account, he is being charged extra interest here which appears to be unfair," accountant Bob Martin said. == New Issues Discovered == Nguyen says he has uncovered more issues with his loan after receiving a new interest rate. Financial records show he was hit with new terms like owing the bank an additional $137,000 on the original $130,000 loan. Nguyen said he was never notified of these new terms. As a result, his payoff date went from 2016 to 2029. Bank of America tried to settle with Nguyen, offering him his house free and clear, according to court documents. He rejected it. "I feel like Bank of America has done something real wrong to me and maybe to the public, so I want to send a clear message to everybody," he said. == Sending a Clear Message == Nguyen has hired a new attorney: Tammy Tran . He's hoping she will find others who may have encountered the same type of accounting. "He wanted to send a message to the community and to help a lot of people who are not aware of the problem that they may have," Tran said. Bank of America issued the following statement: “Because we consider customer relationships to be confidential and this is active litigation, we cannot comment on the specifics of this issue. Mr. Nguyen is a valued customer, and we have been working with him to resolve what is a very fact-specific dispute.” Read more: http://www.myfoxhouston.com/dpp/news...#ixzz1Pxw1pEwg |
|
#4
●
06-22-2011, 10:56 PM
| ||||||||
 $lave Poster Rank:27 Regular White Guy Join Date: Sep 2010 Posts: 51,228
Contributions: 91
Mentioned: 599 Post(s) Quoted: 27895 Post(s)
| ||||||||
|
Re: Man Sues Bank of America
Crooked-ass mortgages... you end up paying AT LEAST double what the original sale price of your house... usually triple after all is said and done... PLUS for the first 20% you must pay "MORTGAGE INSURANCE". The idea behind the 'insurance' is that you pay the bank ~$100/month in 'Insurance' just in case you aren't able to make the payment to them. YOU pay THEM to take out insurance on YOUR loan. System is fucking crooked as fuck... also the business of "closing costs" is fucking outragious... thanks to the Obama administration you can't even refinance a house without paying 'closing costs' AGAIN (another $5-10k depending on the value of your house) so the average person who's trying to get there payment down a point or two to drop their monthly payment a hundred bucks or two can't afford to refinance anymore... thanks for the 'Change'. Fuck Mortgages.  If i ever lose the job i have now, i'm going to throw the most awesome party in the history of my town, TRASH my fucking house, and let the bank have it back... i won't need it.... i'll be out on the road riding my bike and all my valuable's will be in a storage unit under my parent's name. |
|
#7
●
06-22-2011, 11:12 PM
| ||||||||
 Benevolent dictator Poster Rank:57 Arse fucker Join Date: May 2009 Posts: 25,643 Mentioned: 17 Post(s) Quoted: 1450 Post(s)
| ||||||||
|
Re: Man Sues Bank of America
Ok first off the name Long Nguyen is pronounced Long Wing, which is pretty funny.  Second, i hope he wins and sticks it up their dodgey arses.....and breaks it off sideways into them.
|
